MARKET CLOSE: NZ shares fall as rate outlook weighs on yield stocks; Skellerup drops

Fri, 23 Aug 2019

By Paul McBeth Aug. 23 (BusinessDesk) - New Zealand shares fell as diminishing expectations for interest rates to go lower sapped the appeal of companies held for their dividends such as Meridian Energy and Chorus. Skellerup led the index lower after reporting a record profit. The S&P/NZX 50 Index dropped 102.87 points, or 1 percent, to 10,622.35. Within the index, 33 stocks fell, 12 rose and five were unchanged. Turnover was $169.1 million, of which Sanford accounted for $66.9 million. Investors pared back their expectations for cen...

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